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Banking

Opening a bank account, FICA and switching banks

A bank must identify you before it opens an account. Switching is mostly a list of debit orders, not a single form that moves your whole life.

Reviewed 29 October 2026 by the WiT Money editorial team. This is general information, not a recommendation from a named adviser.

Key points

  • FICA identification is normal. A fee paid to a stranger to 'clear' your FICA is not.
  • List every debit order before you close the old account.
  • Report an unauthorised transaction to the bank immediately, and do not share a one-time PIN.

The Financial Intelligence Centre Act requires banks to know who you are and, in some cases, where the money comes from. Expect an identity document, proof of address, and sometimes proof of income. The bank decides which documents it accepts. WiT Money does not publish a universal list that would override a bank's own rules.

To switch, open the new account first. Move your salary. Then move debit orders one by one and watch a full month before you close the old account. A missed medical aid or loan debit order is more expensive than an extra month of account fees.

Fraud

Phishing copies a bank SMS or email and asks you to tap a link. A SIM-swap moves your phone number so the attacker receives the one-time PIN. Nobody from a bank needs your PIN, your password or a remote-control app. If money has left the account, phone the bank on the number on the back of the card, not the number in the message, and ask for a reference.

Complaints

Complain to the bank in writing and keep the reference. If it is not resolved, the Ombud for Banking Services, now part of the National Financial Ombud Scheme's world of financial complaints, is the channel the industry publishes. Use the scheme's own site for the current door. This page is not a complaint.

Money sent overseas

An international transfer needs an authorised dealer, a fee, a spread on the exchange rate, and sometimes a reason under exchange control. The currency calculator converts at a rate you type. It is not the rate the bank will give you, and it is not a live market rate.

Questions readers ask

Can I complain to the Reserve Bank about a fee?

The Reserve Bank supervises banks. A fee dispute is usually a conduct complaint, which starts at the bank and then the ombud scheme. A missing deposit at a failed bank is a different problem and is where CODI's rules matter.

Related

Sources

Page updated 29 October 2026. A source date is the day WiT Money checked that page, not a promise the institution has not changed it since.